Young businesses or as we say “Startups” play an important in the economy, but due to the global pandemic that we have all been facing, it reduced their opportunities to make an impact, thereby challenging their survival and restraining their growth rate.
The rate at which businesses were up and coming has dropped significantly post COVID pandemic. This blog demonstrates that these can be taken care of by taking firm steps to support startups who have already set up shop or the ones who are planning to land their foot in the market.
As the disruption caused by this virus continues, the survival of the small business owners has been jeopardized. According to the survey carried out by Goldman Sachs, more than 40% of the small business owners felt that they cannot continue with their business operations for more than a quarter because of the disruption caused by COVID-19.
The current situation that we are in, from the entrepreneurial point of view, is very unsettling. Small business owners are currently going through a barricade of problems to ensure that the business keeps thriving and stays afloat.
And adding to that, the entrepreneurs are facing another problem of employee retention. Because they are trying their best to give the re-assurances to the employees but they themselves are struggling with burnout.
So, to help these aspiring entrepreneurs and avoid having to close their businesses, we have created an extensive list of items that will take you through the problem that we, as business owners are in.
1. Stop Thinking, Start doing.
The crisis that we are currently facing right now is asking for quick thinking in these uncertain times. We were not trained to deal with a pandemic. Never had a Plan B for such a thing. Entrepreneurs nowadays are finding themselves overthinking small things and unable to make a decision.
Start breaking down the steps that you need to do and take them up one by one based on the priority. Because the human brain is coded in such a way that as we start to find small solutions, we are on a spree of finding the next solution. As you start taking proactive measures, you will feel confident and deal with the upcoming problems in a more efficient manner.
2. Apply for Business grants
With the number of businesses getting impacted by COVID increasing, the Canadian govt has addressed the issue and has plans to rectify it. With the introduction of financial aid resources for entrepreneurs, businesses can now apply for government help to aid their ailing businesses.
For eg. The small business admin in the US is designed to help those who have been hit by the pandemic. Visit the website and check which category do you lie under and apply accordingly.
3. Pivoting is a good idea
Many non-essential businesses have chosen to tweak their approach to stay relevant. A lot of these small businesses have focused on building online presence and got their business from offline to online to hack their way to their customers in these restrictions. Some have even considered diversifying to keep their customers interested.
For eg., There was nothing a travel company could do. But “Momondo” started a website to showcase the humanitarian activities around the world during the COVID pandemic to add value to its audience and keep them interested. You cannot just NOT do anything when the situation becomes irrelevant for your business.
4. How Occams help small businesses
Our Business Services & Growth Incubation provides start-ups and small businesses growth incubation and essential business services. We foster the development of early-stage ventures by providing business services and resources. In addition to the much-needed guidance to emerging entrepreneurs, Occams’ BSGI provides them essential business services such as financial Accounting Advisory, Structuring & Incorporation, Human Capital Advisory (HCA), Marketing & Branding Services (MBS) under a subscription model.
Not only did the pandemic affect existing businesses but it also impacted upcoming new businesses. This is where we bring our expertise and help these small businesses to make them able to withstand the changing circumference of the market and assist them from their ZERO and make them ONE.
The scale of this crisis is huge but this time too shall pass. We will reach the other side and once again see a picture of businesses thriving across the globe.
This blog offers generic information. By no means, it is professional advice. The information aforementioned is believed to be factually correct. The information provided is solely based on the author’s judgment and is subject to change. This is not endorsed by any 3rd parties or other brands.